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China to step up support for economy, media report

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China to step up support for economy, media report

UNITED STATES, WASHINGTON (TRADING SIGNAL GROUP) – China will step up policy implementation to support its economy while exploring new stimulus measures, Prime Minister Li Keqiang said, according to statements reported by state media on Friday.

“Some urgent current events in the international and domestic context are exceeding forecasts, and economic activity is facing rising uncertainties and challenges,” Li Keqiang told a group of economists and business executives.

“Policies must be implemented in advance, reinforced in due time, and we must study new emergency measures,” he added.

China is currently facing the biggest wave of the COVID-19 epidemic since the one that hit the Wuhan region in late 2019 and early 2020 and it must also deal with the consequences of the war in Ukraine, which threatens to slow down global economic growth, as well as the difficulties of its real estate sector, which are weakening its financial markets.

Analysts expect the central bank to announce further measures soon to ease credit costs or inject liquidity into the economy to support growth.

Beijing will work to ensure employment and price stability as well as help small businesses overcome their difficulties, Li said.

The authorities will also ensure the stability of foreign trade and investment, as well as that of the yuan, he said.